Moly Mines Reports AGM Results and Board Changes

TORONTO, ONTARIO--(Marketwired - May 31, 2013) - Moly Mines Limited (TSX:MOL)(ASX:MOL) advises of the following voting results obtained at the Annual General Meeting of the shareholders of Moly Mines Limited held on May 31, 2013 in Perth WA, (May 30, 2013 EST):

Resolution

For

Against

Abstain

Proxy's

discretion

1.

Adoption of Remuneration Report

20,951,305

1,074,908

345,006

113,450

2.

Removal of Mr. Han Liu as director

210,444,867

106,704

19,044,749

331,610

3.

Election of Mr. Nelson Chen as director

210,081,688

473,235

19,044,117

328,190

4.

Election of Mr. Huan Jun Kang as director

210,020,025

488,691

19,086,024

333,190

5.

Approval of Employee Incentive Option Scheme

20,996,314

1,060,180

304,600

113,450

All resolutions put to the meeting were carried on a show of hands.

A copy of the Annual General Meeting presentation and the Chairman's address is available on the Company's website at www.molymines.com and on SEDAR.

The Company also reports that in accordance with the Company's Constitution, non-executive director Mr. David Nixon retired at today's Annual General Meeting (AGM) and he did not offer himself for re-election.

Following the Company's major shareholder Hanlong Mining Investment Pty Ltd's (Hanlong) requisition, Mr. Han Liu was removed as a director at the AGM. As a result, Mr. Liu's alternate director, Mr. Nelson Chen, was also removed. Mr. Chen was subsequently elected as a director to replace Mr. Liu.

Chairman Mr. Michael Braham commented: "We regret that Mr. Liu is no longer on the Board due to his personal circumstances. We appreciated his generosity and his support for the Company. In particular, his leadership in bringing the Hanlong investment to the Company during the Global Finance Crisis has been important to the Company. We welcome Nelson Chen's election to the Board, thereby ensuring continuity of Board contribution on behalf of Hanlong."

About Mr. Nixon's retirement Mr. Braham said: "As a mechanical engineer with over 40 years' experience in the mining and construction industries, David Nixon's wise counsel to the Company during the past five years has been invaluable. We thank him for his contribution to the Company and wish him all the best for the future."